The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2024 and 2023: 2024 2023 Sales revenue $ 16,600,000 $ 11,200,000 Cost of goods sold 10,000,000 6,800,000 Gross profit 6,600,000 4,400,000 Operating expenses 3,840,000 3,240,000 Operating income 2,760,000 1,160,000 Gain on sale of division 760,000 3,520,000 1,160,000 Income tax expense 880,000 290,000 Net income $ 2,640,000 $ 870,000 On October 15, 2024, Jackson entered into a ten